4.1.4.8 Technological change and 4.1.5.8 The dynamics of competition and competitive market processes

What is innovation?

• all of the above
• outcome of the quest for knowledge
• driving force in economics
• New process or way of doing things

Customer churn is the percentage of customers that stopped using your company's product or service during a certain time frame.Describe the Churn.

• all of the above
• continuous re-creation
• evolution
• increases living standards

The industrial age introduced...

• all of the above
• steam power
• internal combustion
• electric motors

The most valuable human resources in the information age....

• all of the above
• brain power
• creativity
• analytic reasoning

Machines are replacing many jobs in today's economy.

• True
• False

The churn makes some jobs and industries obsolete.

• True
• False

Recessions create jobs.

• False
• True

Industries not directly impacted by the auto industry were...

• airplanes
• horse and cart
• railroads
• all of the above

The churn destroys industries and jobs but it grows the economy.

• True
• False

Because of the risks taken by entrepreneurs, our standard of living is higher than ever before.

• True
• False